Mauna Kea Technologies (ALMKT) Q1 2026 TU earnings summary

Executive summary

• Entering a phase of accelerated growth with a de-risked platform, mature technology, and operational discipline.

• Cellvizio platform positioned as a new standard in real-time cellular imaging, with over 20 FDA clearances and 200+ patents.

• Q1 2026 core sales reached €1,527K, up 68% at CER and 57% as reported, driven by strong U.S. and international demand, especially for CellTolerance.

• Commercial acceleration driven by strong U.S. adoption, international rebound, and clinical adoption in pancreatic cysts and IBS diagnostics.

• Operational focus on scaling commercial activity and balance sheet management for sustained growth.

Financial highlights

• U.S. sales grew 82% in Q4 2025 and 38% for FY 2025, now representing 77% of total revenue.

• Q1 2026 U.S. sales rose 34% at CER (21% reported), with system sales up 85% at CER and probe sales up 84% at CER.

• International sales surged 326% at CER in Q1 2026, driven by CellTolerance and new system placements in Germany.

• Average system ASP increased 34% over four years; sales productivity per rep tripled since 2021.

• Pay-Per-Use (PPU) sales in the U.S. declined 10% at CER in Q1 2026 due to winter storms but showed sequential recovery.

Outlook and guidance

• U.S. direct sales projected to double to over $10M by 2028, with 30% CAGR.

• OUS sales expected to grow 4x to over €4M by 2028, with 60% CAGR, fueled by CellTolerance and geographic expansion.

• Expanded pipeline for CellTolerance, with new reference centers and PPU accounts expected to contribute to Q2 2026 revenue.

• Regulatory clearances in Switzerland and the UK anticipated to drive immediate international demand.

• Commercial launch for pancreatic cyst indications in the U.S. scheduled for Q2 2026 via trained TaeWoong Medical USA sales reps.